How to Carve a Niche in the Wellness Industry
There is a growing demand for online purchases, and today, Statista estimates 2.14 billion people buy online. With the rising demand for goods and services, there is a need for more e-commerce stores. E-commerce businesses are growing at a fast pace and are estimated to grow by 16.8% in 2021. While opening an e-commerce website is usually straightforward. The real task starts after setting up your website. There are various steps to take after setting your website and, this post will outline those steps for an effective e-commerce strategy.
Identify What Needs Your Product Meet
The first step is to determine what problem your product solves or the benefit of using your product. While most e-commerce stores don't offer anything particularly new, it's good to understand the product and what needs it meets. Understanding this will help to tailor the marketing of the product. It also gives you and the team an image to work with when planning the remaining steps.
An example is a store that sells Men grooming wares. The store may identify the unique point of their product as a mobile grooming kit that is easily transported and used anywhere. The whole point of this exercise is to bring out the uniqueness of your brand. Something that makes you stand out.
Build A Mission Statement That Resonates With The Company Values
An e-commerce business should also have a mission statement that complements its products or product goal. If the first step was a way to separate yourself from the crowd, this second step is answering the question of "What makes your business tick?" To answer this, you must look at the driving factors of the company. What defines the business now and its guiding principles for the future? A mission statement keeps a brand consistent with its belief and value. It also helps customer loyalty and retention in the long run.
Choose Key Performance Indicators
While choosing a mission statement helps with how the business grows, indicators measure how well the e-commerce business is doing compared to its competition and the benchmark you set. In choosing KPIs, it is best to concentrate on a few key ones that align with the company goal. The reason is that KPIs interact with each other, and doing well in one may mean you will have to sacrifice another. An example is if you choose to maximize revenue, your profit may suffer because it may mean more costs. Examples of KPI to consider includes:
● Shopping cart abandonment rate
● Gross Profit margin
● Bounce rate
● Site Traffic
● Time on Site
● Returning customers vs. New customers
● Revenue per visitor
● Conversion rate
Build A Buyer Persona And Use This To Identify Target Audience
When it comes to selling, you must first build your ideal audience. To do this, you would need a buyer persona. To summarise what you will be doing, you would research and fill in the following criteria:
● Sex: So are looking for a male or female
● Age: What age bracket do you want the person to be
● Job title: What kind of job should the person be doing?
● Salary: What salary range should the person be in?
● Status: Are you looking at someone who is married or not?
● Kids: Do you want the person to have kids? If yes, what age range should they be at?
● Location: What part of town does the person stay in?
● Interest: What sports or activity would interest the person?
These questions would help to form an ideal persona that will help to define your target market.
Internal Marketing Strategy
Internal marketing strategies are methods you would implement internally to drive traffic to your site, convert it to sales and keep those customers. Some internal strategies to consider includes:
● Content Marketing: This strategy involves creating content around your brand. It can be a blog site that talks about the industry at large and your product.
● Optimize your Website: Make your site easy to navigate through. It shouldn't be a chore to find what your visitor is looking for or wants to do. Make sure the process to get to the cart is simplified. Don't make it too hard to achieve. The speed of your website is also critical, and make sure it doesn't take long to load.
● Email Marketing: Email marketing is one of the widely used and effective methods of marketing. You can collect emails by enticing visitors with promo codes for first-timers or a discount for spending a certain amount.
Mobile friendly: Make your site mobile friendly because a lot of users will log onto your website from their phones. Ensuring the screens fit right and the navigation is easy is a massive plus. A study shows that 84% of phone users will leave a site for a competitor's website if they experience any difficulty.
● Influencers: Influencers have become a potent marketing means and a very effective one too. The added advantage of trust from their followers sees their conversation rate higher than traditional ad marketing most times. It is best to get a micro-influencer with a lot of engagement.
● Social Media: Social media is one of the best tools to grow your brand organically, using methods like giveaways, challenges, and other approaches to engage your followers. It is best to know what social media platforms your target audience uses, so you can directly interact with them.
Paid Marketing Strategy
Paid Marketing Strategies give you visibility. When you want to go on a paid marketing scheme, you want to choose a platform that has your target audience.
● Ads Campaign: The great news is platforms like Facebook are excellent for nicking people out. If you have done a buyer persona, narrowing down your preferred people won't be difficult. One good attribute of an ad campaign is it exposes your brand name to many individuals.
● Re-Target Ad Campaign: Re-targeting Ad campaigns to the same people is a strategy that works. If the first Ad was the introduction of the brand, the second is to make sure those who see it engage or take action.
Other paid marketing options are Instagram (can use alongside Facebook), AdSense by Google, or independent services.
Marketing exists to score leads, isn’t that the essence? But for a business to succeed, it must keep its customers. The methods to keep them will differ with the industry, but the bare minimum is to keep performing at the high level they recognize. Other ways are:
● Loyalty cards: These cards are a demonstration of your brand's appreciation for their continual patronage.
● Discounts: Discounts rewarding returning customers are a great incentive.
● Points: Points can be earned and exchanged for prizes like holiday trips, spa treatment, or even other products in the store.
● Special Club: You can invite your loyal customers to a premium club meant for only the die-hard-loyalist of the brand.
● Email finders: Use specific platforms to find persons of interest.
In conclusion, the step-by-step guide is vital for any person starting an e-commerce business. To run a successful e-commerce business with the fierce competition today, you will need good foundational knowledge. It also isn't a bad idea to hire experienced hands if you can afford to with helping.